It’s such an obvious question, but one that bears repeating: Does your business have adequate contingency plans in the case of a cyberattack?
From malware and loss of data to reputational damage, the fallout from an attack could harm your business significantly, and from a number of different and distinct directions – not the least of which is business interruption and the major loss of income it could represent.
Here are a few of the most common cyberattacks seen in 2019 and continuing so far this year, according to FounderShield*:
Malware Attack – When a cybercriminal installs malicious software in your system without your consent, wreaking havoc on your daily business operations.
Phishing Attack – When a cybercriminal sends fraudulent communications via email that may seem legitimate—typically appearing from a trusted source—but instead is meant to install malware or trick people into handing out personal and sensitive information.
Man-in-the-Middle Attack – When a cyberattacker stealthily slips into your system between a two-party transaction, such as public Wi-Fi, interrupting your traffic by installing malware, giving the cybercriminal plenty of time and space to steal your information.
Denial-of-Service Attack – When used by competitors, Denial-of-Service (DoS) attacks overtake your networks to drain your resources and bandwidth by stopping your system from fulfilling authorized requests—from clients or customers, for example.
SQL Injection Attack – When a cyberattacker uses malicious code to force your Structured Query Language (SQL) servers into divulging sensitive information, potentially modifying your data, administrative operations, or operating system.
Mitigating such data breaches requires substantial costs in notifying customers, providing credit-monitoring services, restoring files and computer systems, dealing with lawsuits, and paying regulatory fines, all of which create additional financial losses following the cyberattack. A cyberattack could also put your reputation at risk. While plenty of trustworthy companies experience breaches, such an episode erodes a brand’s image of security and trust.
The threat from cyberattacks continues unabated, so make sure you’re adequately protected with cybersecurity insurance. Talk with the professionals at The Reschini Group to learn more.
* https://foundershield.com/cyber-insurance-trends-2020/
Copyright 2020 The Reschini Group
The Reschini Group provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.